TMI BlogCONTENTS OF THE TRUST DEEDX X X X Extracts X X X X X X X X Extracts X X X X ..... decisions for investments in which he may be interested are taken. (iii) All the trustees shall furnish to the board of trustees or trustee company particulars of interest which he may have in any other company, or institution or financial intermediary or any corporate body by virtue of his position as director, partner or with which he may be associated in any other capacity. 2. Minimum number of trustees must be mentioned in the Trust Deed. 3. The Trust Deed must provide that the trustees shall take into their custody, or under their control all the property of the schemes of the mutual fund and hold it in trust for the unitholders. 4. The Trust Deed must specifically provide that unitholders would have beneficial interest in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Agreement with the custodian for this purpose. 11. The Trust Deed shall provide that the auditor for the mutual fund shall be different from the Auditor of the asset management company. 12. The Trust Deed shall provide for the responsibility of the trustees to supervise the collection of any income due to be paid to the scheme and for claiming any repayment of tax and holding any income received in trust for the holders in accordance with the Trust Deed, Regulations. 13. Broad policies regarding allocation of payments to capital or income must be indicated in the Trust Deed. 14. The Trust Deed shall also explicitly forbid the acquisition of any asset out of the trust property which involves the assumption of any liability whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nless one independent trustee or director is present at the meeting. 22. The trust deed shall state that the minimum number of trustees shall be four.] ******** 1 Words and the asset management company omitted by the SEBI (Mutual Funds) (Amendment) Regulations, 1998 w.e.f. 12-1-1998. 2 Clause 20 to 22 inserted by the SEBI (Mutual Funds) (Amendment) Regulations, 1999 w.e.f. 8-12-1999. 3 Substituted by the SEBI (Mutual Funds) (Third Amendment) Regulations, 2002 w.e.f. 30-7-2002. Prior to its substitution clause (20) read as under; 20. The trust deed shall state that a meeting of the trustees shall be held at least once in every three months and at least four such meetings shall be held in every year. 4. Substitut ..... X X X X Extracts X X X X X X X X Extracts X X X X
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